MIRA
INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Name : |
LALIT PIPES AND PIPES LIMITED |
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Registered Office : |
138 Kasara Str 3rd,Flrdarukhana, Mumbai – 400 010, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
16.07.1991 |
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Com. Reg. No.: |
11 – 062513 |
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CIN No.: [Company
Identification No.] |
U27200MH1991PTC062513 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04610E |
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PAN No.: [Permanent
Account No.] |
AAACL1877F |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Manufacturer of Pipes Submerged Arc Welded |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 170000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The
company’s payment are slow and expected to be more slower in a current
depressed market condition general financial position is satisfactory. The company can be considered normal for business dealing at usual
trade terms and condition with slight caution. |
LOCATIONS
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Registered Office : |
138 Kasara Str 3rd, Flrdarukhana, Mumbai – 400 010, |
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Tel. No.: |
91-22-27561169 |
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Fax No.: |
91-22-27561173 |
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E-Mail : |
info@lalitsawpipes.com |
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Website : |
www.lalitsawpipes.com/profile.htm |
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Corporate Office : |
212, Hermes Atrium, Sector- 11, C.B.D. Belapur, Navi Mumbai-400 614, |
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Tel. No.: |
91-22-27561169 |
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Fax No.: |
91-22-27561173 |
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E-Mail : |
info@Lalitsawpipes.com |
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Factory 1 : |
Survey No. 77, Village Varaskol, Khardi Railway Station(C.R.),Tal.
Shahapur, Dist.Thane, |
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Tel. No.: |
91-2527244161/ 2527244165/
2527244166/ 2527244322/ 2527244323 |
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Fax No.: |
91-2527244061 |
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E-Mail : |
plant@lalitsawpipes.com |
DIRECTORS
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Name : |
Mr.Hasan Mohammed Diler |
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Designation : |
Director |
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Address : |
264/66, |
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Date of Birth/Age : |
15.10.1955 |
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Din No : |
00016000 |
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Date of Appointment : |
16.07.1991 |
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Name : |
Mr.Salim Mohammed Diler |
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Designation : |
Director |
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Address : |
B-703, |
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Date of Birth/Age : |
19.03.1963 |
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Din No : |
00016121 |
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Date of Appointment : |
16.07.1991 |
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Name : |
Mr.Zoher Mohammed Diler |
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Designation : |
Director |
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Address : |
C-902, |
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Date of Birth/Age : |
02.03.1957 |
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Din No : |
00016090 |
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Date of Appointment : |
16.07.1991 |
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Name : |
Mr.Shabbir Mohammed Diler |
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Designation : |
Director |
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Address : |
Orion Complex, Flat No. 15, D “Mughdali”, S/46/C/4, Patil Wadi, Pune –
411 003, |
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Date of Birth/Age : |
14.05.1938 |
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Din No : |
00016162 |
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Date of Appointment : |
16.07.1991 |
KEY EXECUTIVES
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Name : |
Mr.K V Jairam |
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Designation : |
Head Operation |
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E-Mail Id: |
kvj@lalitsawpipes.com |
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Name : |
Mr.P K Mathew |
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Designation : |
General Manager |
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E-Mail Id: |
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Name : |
Mr.Mustan Sabuwala |
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Designation : |
Marketing Officer |
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E-Mail Id: |
mustan@lalitsawpipes.com |
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Name : |
Mr.N Narsimham |
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Designation : |
Senior Manager Purchase |
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Address : |
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Name : |
Mr.Suryakant Jadhav |
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Designation : |
Junior Officer Purchase |
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E-Mail Id: |
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Name : |
Mr.Kishor Budhadev |
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Designation : |
Senior Manager Finance |
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E-Mail Id: |
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Name : |
Mr.Petiwala Huzaifa |
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Designation : |
Deputy Manager Finance |
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E-Mail Id: |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON (As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Mr.Shabbir Mohammedhussain Diler |
308396 |
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Ms.Rashida Shabbir Diler |
311622 |
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Ms.Shabana Shabbir Diler |
163472 |
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Ms.Reshma Shabbir Diler |
63000 |
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Ms.Sharmila Shabbir Diler |
8600 |
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Ms.Zehra Shabbir Diler |
109900 |
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Mr.Hasan Mohammedhussain Diler |
132520 |
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Ms.Sofee Hasan Diler |
175250 |
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Mr.Rervez Hasan Diler |
297815 |
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Ms.Masuma Hasan Diler |
141500 |
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Mr.Aasif Hasan Diler |
289091 |
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Mr.Zoher Mohammedhussain Diler |
123920 |
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Ms.Suraiya Zoher Diler |
134130 |
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Ms.Fazela Zoher Diler |
274150 |
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Ms.Pakeeza Zoher Diler |
207544 |
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Ms.Kameela Zoher Diler |
218444 |
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Mr.Jibraeel Zoher Diler |
6800 |
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Mr.Salim Mohammedhussain Diler |
226440 |
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Ms.Zehra Salim Diler |
311365 |
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Ms.Naziya Salim Diler |
293233 |
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Ms.Kashmira Salim Diler |
125300 |
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Mr.Cliff Salim Diler |
8600 |
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Sandhills Finance & Investments Expl Ltd |
743300 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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15.90 |
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Directors or relatives of directors |
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84.10 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pipes Submerged Arc Welded |
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Products : |
ITC CODE NO |
PRODUCT
DESCRIPTION |
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7305.11 7306.10 |
Manufacturers of Submerged Arc Welded Pipers. |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Submerged Arc Welded Pipes |
MT |
N.A. |
25000 |
18253.124 |
GENERAL INFORMATION
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No. of Employees : |
Around 800 |
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Bankers : |
Axis Bank Limited,Vashi Br, Vardhaman Chambers, Plot No. 84, Sector
17, Vashi, Navi Mumbai – 400 705, Maharashtra, India |
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Facilities : |
SECURED LOAN (As
on 31.03.2008)
UNSECURED LOAN
(As on 31.03.2008)
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Banking
Relations : |
Satisfactory |
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Auditors : |
A |
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Name : |
Chartered Accountant |
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Address : |
203, |
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Pan No: |
AACPK1107A |
CAPITAL STRUCTURE
AS ON (31.03.2008)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- Each |
100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- Each |
100.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
46.743 |
46.744 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
240.914 |
137.647 |
99.016 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
340.914 |
184.39 |
145.76 |
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LOAN FUNDS |
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1] Secured Loans |
48.738 |
48.151 |
11.947 |
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2] Unsecured Loans |
32.062 |
72.062 |
72.061 |
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TOTAL BORROWING |
80.8 |
120.213 |
84.008 |
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DEFERRED TAX LIABILITIES |
31.794 |
26.009 |
25.464 |
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TOTAL |
453.508 |
330.614 |
255.232 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
237.372 |
136.195 |
111.352 |
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Capital work-in-progress |
48.854 |
31.696 |
11.168 |
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INVESTMENT |
0.105 |
0.105 |
00.025 |
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DEFERREX TAX ASSETS |
00.000 |
00.000 |
00.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
123.462
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153.555 |
140.191 |
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Sundry Debtors |
134.148
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134.635 |
64.117 |
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Cash & Bank Balances |
100.774
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74.924 |
38.432 |
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Other Current Assets |
000.000
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000.000 |
00.000 |
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Loans & Advances |
59.929
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43.260 |
32.118 |
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Total
Current Assets |
418.313
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406.374 |
274.858 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
251.136
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243.756 |
142.171 |
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Provisions |
000.000
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000.000 |
000.000 |
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Total
Current Liabilities |
251.136
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243.756 |
142.171 |
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Net Current Assets |
167.177
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162.618 |
132.687 |
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MISCELLANEOUS EXPENSES |
000.000 |
000.000 |
000.000 |
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TOTAL |
453.508 |
330.614 |
255.232 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover(including other income) |
1294.697 |
862.785 |
656.442 |
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Net Profit for the year |
103.485 |
38.632 |
39.022 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Net Profit for the year |
103.485 |
38.632 |
39.022 |
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Expenditure: |
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Interest |
26.003 |
3.746 |
1.469 |
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Depreciation & Amortization |
11.487 |
8.310 |
7.505 |
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1153.722 |
812.097 |
616.446 |
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Total Expenditure |
1191.212 |
824.153 |
3617.42 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
7.99
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4.47 |
5.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.99
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4.47 |
5.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.7
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6.72 |
9.81 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30
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0.20 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.73
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1.32 |
0.97 |
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Current Ratio (Current Asset/Current Liability) |
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1.66
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1.66 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
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This form is for |
Creation of
charge Modification of
charge |
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Charge
identification number of the modified |
10046718 |
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Corporate
identity number of the company |
U27200MH1991PTC062513 |
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Name of the
company |
LALIT PIPES AND
PIPES LIMITED |
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Address of the
registered office or of the principal place of business in |
138 Kasara Str 3rd
Flrdarukhana, Mumbai – 400 010, |
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Type of charge |
Immovable
Property Book Debts Movable Property Others |
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Particular of
charge holder |
L65110GJ1993PLC020769 Axis Bank
Limited,Vashi Br,Vardhman Chambers Premises Co-soc Limited,Plot No. 84,Sector
17,Vashi,Mumbai – 400 705,Maharashtra,India E-Mail: suyashri@vsnl.com |
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Nature of
description of the instrument creating or modifying the charge |
Joint Memorandum
of Entry (Equitable Mortgage of Property by Deposit of Title Deeds) on
19.07.2008 |
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Date of
instrument Creating the charge |
19.07.2008 |
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Amount secured by
the charge |
25.000 million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate Of Interest: CC 2% below BPLR LC backed EBD(Post
shipment)/ inland – On demand bills for transit period @ 9% p.a. Terms of
repayment On demand Margin On L/C. backed
EBD(Post shipment)in/land – Nil. Extent and
operation of the charge Revised /
Modified credit facilities of Rs.250.000 millions granted by Bank further
secured by extending charge on equitable mortgage on company’s immovable
properties, namely, freehold land admeasuring 4 Hectares 15 Area & 30Sq.
Mtrs situated in village Waraskol, Taluka, Shahapur, Dist Thane. |
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Short particulars
of the property charged |
A. Hypo. Of
present & future stocks of RM, SIP, and other current assets stored or
brought into Co’s factory premises or in transit and outstanding monies
receivables, claims etc. due and owing to B. All present
& future tangible movable P & M, fixtures, fittings etc. C. Equitable
mortgage by deposit of title deeds relating to imm.property situated at
Vill.Warasket, Dist.Thane adm. 4. H 15 Ares and
30 sq. mtrs |
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Date of latest modification
prior to the present modification |
30.04.2008 |
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Name of the company |
LALIT PROFILES
& STEEL IND. LIMITED. |
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Presented By |
Zoher M. Diler,
Director |
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1) Date and description of instrument creating the change |
05/03/98- Deed of
hypothecation executed by the Company in favour of Industrial Development
Bank of India (IDBI). (hereinafter referred to as “the lenders”). A certified
copy of the set deed of Hypothecation is already field. |
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2) Amount secured by the charge/amount owing on the securities of charge |
The Rupee Loan of
Rs.20.000 millions agreed to be lent
and advanced by IDBI to the company under Project Finance Scheme together
with interest, additional interest, liquidated damages, premia on prepayment
or on redemption, costs, charges,expenses and all other moneys payable by the
company to IDBI in terms of the Loan Agreement dated the March 05, 1998
between the company of the One Part and the Lenders of the other part. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the
movable properties of the Company including its movable plant and machinery,
machinery spares, tools & accessories and other movable, both present and
future (save and except book debts) whether installed or not and whether now
lying loose or in cases or which are now lying or stored in or about or shall
hereafter from time to time during the continuanceof the security be brought
into or upon or be stored or be into in or about the company’s factories,
premises or godowns or wherever else the same may be or be held by any party
to the order or disposition of the company or in the course of transit or on high seas or on
order, or delivery, howsoever and wheresoever in the possession of the
Company and either by way of substitution or addition. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
(a) The Charge
operates as security, interalia, for the due repayment by the Company to IDBI
of its Rupee Loan of Rs.20.000 millions, together with interest, additional
interest liquidated damages, premia on prepayment or on redemption, costs,
charges, expenses,and all other moneys payable by the Company to IDBI in
terms of the said Loan Agreement. (b) The Charge in
favour of IDBI under the said deed of Hypothecation is subject to the
charge(s) created and/or to be created by the Company in favour of its
bankers on the Company’s stocks of raw materials, semi-finished and finished
goods and consumable stores and book debts and such other movable as may
be specifically permitted to scure its
working capital requirements in the ordinary course of business. (c) The Company
has undertaken to keep the goods hypothecated in marketable and good
condition at its own costs and to insure the same in the joint names of the
Company and the Lenders. (d) All the goods
hypothecated and all realization and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of the Lenders. (e) The security
created under the said Deed of hypothecation is to be a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Industrial
Development Bank of Head Office: Mumbai – 400 005 Branch Office:
IDBI House, Banglore – 560 027 |
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6) Date and brief description of instrument modifying the charge |
12.02.1999. No
instrument was executed. A mortgage by deposit of title deeds was created by
the Company in favour of IDBI by deposit of title deeds with IDBI, in respect
of all the freehold propertiesof the Company admeasuring 4 hectares and 15
ares and 30 Sq. Mts. Comprised in sy nos 61/2, 62/1, 62/2, 77/5, 77/13 and
58/3 in the village limits of varaskol, Shahpur Taluk, Thane District, in the
State of,Maharashtra more particularly described in the Schedule Annexed
hereto, inter alia, for the due repayment and discharge by the Company on
first pari-passu charge basis, to IDBI of its Rupee Loan of Rs.200 Lacs,
together with interest, compound interest, additional interest, liquidated
damages, costs, charges, expenses and other monies payable by the Company to
IDBI under the said Loan Agreement. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The IDBI Rupee
Loan of Rs.20.000 millions together with interest, additional interest,
liquidated damages, premia on repayment, or on redemption, cost, charges,
expenses and all other monies payable by the Company to IDBI in terms of the
said Loan Agreement which is secured by the said Deed of Hypothecation dated
the 05th day of March 1998 being the original charge, is now also
secured by the said mortgage by deposit of title deeds created by the Company
on 12th day of February, 1999 in favour of IDBI. |
Fixed Assest
- Land
- Building
- Plant and Machinery
- Office and Other Equipment
- Computer and Computer Software
- Electrical Installation
- Goodwill
- Vehicles
- Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.74 |
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|
1 |
Rs.74.37 |
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Euro |
1 |
Rs.62.78 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|